Will I get a loan ??

sumguy

Will try to keep it brief... Is it likely I will get a loan ??

I have just been offered a Barclaycard Platinum which I took. Balance £0 - £5.5k Limit.
I have a Egg Card. Balance £2.5k - £2.5 Limit
I have a Halifax Card. Balance £4.4 - £4.5 Limit

I am self employed, approx £32k a year. I think my credit score must be ok to have just been given the Barclaycard??.

Could do with a loan for a car.

Many thanks in advance.

marmitedog

You're better asking a loan company than on here. £6k debt on plastic suggests you're perhaps not living within your means, which may put some of the more conservative lenders off.

Consumerist

As a general rule-of-thumb, it's your total access to credit (£4.5k + £2.5K + £5.5K = £12.5K + any other loans/overdrafts) that loan companies will use to assess an application. For employed home-owners you might get up to half your annual income less your access to credit; so maybe up to £4k in your case.

I'm inclined to agree with marmitedog, however, if you've already got £7k on plastic. Why? is the question a lender might ask.

sumguy

I appreciate my debt is a concern... if I can obtain a loan, then the cash I have available I will pay towards clearing my cards in some way, as well as a balance transfer with the remaining to my new card.

Consumerist

Unfortunately, a prospective lender will assume that you might max out all three cards and still have their loan to service.

In the current economic climate, lenders are predisposed to assuming the worst.

CH27

You woud be taking on a lot of debt & as you're Self Employed how can you guarantee your income will not drop?